John G. Kennan Jr. is a Wills, Trusts and Estate Planning lawyer in Sandwich, MA Read more [...]
The question is how to get out of debt? Bankruptcy offers an individual or business the ability to make a fresh start when they find they have more debt than they can handle. However, this freedom comes with a price, which for some may be too high. It is important to understand how bankruptcy can help you with debt consolidation and avoiding actions like foreclosure and repossession, while at the same time affecting your credit which will make getting a loan more difficult and expensive.
These days, carrying debt, and large sums of it is quite common and for many it’s the only way to get by. Income has not kept pace with inflation for more than a decade and it’s no secret that the international tourist destination of Cape Cod boasts a higher than average cost of living for both residents and businesses. Couple this with an unforeseen situation such as an accident, illness, injury or disability, divorce, job loss/unemployment or just plain old poor budgeting, it’s no wonder someone may be facing bankruptcy.